Home / News / Local / Why we are getting N1 trillion loan – NDDC
NDDC MD Dr. Ogbuku

Why we are getting N1 trillion loan – NDDC

The Niger Delta Development Commission (NDDC) has addressed concerns regarding its plan to obtain N1 trillion in credit lines from development and commercial banks. This funding initiative aims to complete ongoing legacy projects crucial to the region’s development.

The Senate has approved the NDDC’s 2024 budget, which totals N1,911,844,833,046. This budget includes a provision for securing N1 trillion through loans, as highlighted in a statement by the NDDC’s Director of Corporate Affairs, Pius Ughakpoteni.

“It is important to clarify that this fund will be deployed to complete a total of 1,006 legacy projects spread across the region, which includes roads, bridges, electricity projects, school buildings, hospitals, shore protection and reclamation, among others,” stated Ughakpoteni.

The NDDC plans to use the loan to mitigate inflationary pressures and ensure the timely completion of quality projects. The commission emphasized the importance of a robust funding mechanism for addressing the urgent developmental needs of the Niger Delta region.

“The arrangement is for the budget to be funded through statutory provision and borrowings to curb the inflation rate and ensure that quality projects are delivered to the Region on time,” Ughakpoteni added.

The NDDC has strategically included provisions for leveraging private capital for large infrastructure projects, particularly in regional transportation sectors. This approach marks a significant step towards diversifying the commission’s funding sources.

The commission expects to complete over 200 kilometers of roads across the Niger Delta by the end of the 2024 fiscal year. This milestone is part of a broader effort to advance regional development and improve transportation infrastructure.

“We urge our stakeholders to appreciate the fact that Regional Development needs a robust funding mechanism to effectively address specific and urgent development needs in the Niger Delta region,” the statement noted.

The NDDC commended the 10th National Assembly for its support, particularly the expeditious passage of the 2024 budget, which underscores the lawmakers’ commitment to the welfare of the Niger Delta people.

“We appeal to our stakeholders to refrain from making hasty judgments on our initiative to pool resources for urgent development purposes. They can be rest assured that we are dedicated to the development of the Niger Delta region and the welfare of its people,” the statement concluded.


About Global Patriot Staff

Check Also

Contributory Pension Scheme and government as renegade? By Obike Ukoh

When the Contributory Pension Scheme (CPS)  came into force via the Pension Reform Act (PRA), …

Leave a Reply

Your email address will not be published. Required fields are marked *